General Accounting Resources
Everyone wants to know where their money goes. It’s there one second and gone the next. For businesses finances seem to go in every direction and it can be difficult to tell how what is coming in and what is going out. Many large corporations turn to professional accountants for their financial needs. Accountants offer specialized knowledge, not only in bookkeeping but with information on industry standards and operations. Having your accounts in order most obviously helps with filing taxes, but it can have a profound impact on business success as well. Financial reports allow stockholders to easily see the strength of a company and a successful operation will draw new skilled professionals to join your team. Learning about accounting then is not only about analyzing long ledgers in black and red. It is about highlighting what makes a company unique and advertising successes. Though much of the analysis occurs at the business level, accounting must look to market regulations, stock trading and tax law frequently in their practice. Accountants work long hours sifting through data but are handsomely rewarded for their work. Below you can find detailed descriptions of key players in accounting and the systems that impact the profession.
The Big Four
The Big Four are the four largest accounting firms in the world. They are special and separate from the fifth largest firm since their size completely eclipses all other institutions. They conduct audits for the most powerful businesses in the world and advise governments in financial matters. Though currently known as the Big Four they were previously the Big Five and the Big Eight before that. The links below identify the players in the Big Four and their practices.
A general history and description of the four largest accounting firms in the world. It explains their activities and importance to the economy.
A site collecting data about the largest four accounting firms. Information includes Tweets, a blog and news on the operations of these conglomerates.
An article in the Huffington Post explaining how the Big Four fared after the market collapse of 2008. It also outlines their vulnerabilities to future market volatility and what this could mean for our economic system.
This paper examines the potential for Big 4 companies to influence government regulators and the effects for the economy. Though it does not directly accuse any company of this action it does provide evidence that the government regulations are lacking in authority.
A PowerPoint presentation on the various ethical boundaries the Big 4 frequently trample. Though the slideshow gives some accurate and interesting information, much of it is pure ideology.
An entertaining rant about the tendency of smaller firms to require Big Four experience for employment. This is a common bane of recent graduates and he brings up some good points about Big Four practices.
An interview with three recruiting agents from the Big Four accounting firms. If anyone knows how to get hired on with the Big Four, it’s these guys.
An examination of some of the questionable ethics exhibited by Big Four companies over the years. It looks especially at tax havens and the influence the Big Four hold in these areas.
This article examines the impacts of 2008′s financial crisis on the Big Four accounting agencies. It hypothesizes a catastrophic meltdown of the financial system if an economic crisis brought down one of the Big Four.
This article describes the predicament of the Big Four in the modern economy. It argues for reform of the financial system and a new process for conducting audits.
Professional Firms
When it comes to accounting sometimes you just need a professional to crunch the numbers. Many firms exist around the country to assist you with your finances. They provide basic accounting services as well as specialized methods to deal with IRS audits and international business. Since laws vary by state, it is best to find a local firm that understands your specific needs. The resources below will help you reach your financial solution.
Almost a century old this accounting firm represents many powerful businesses of California. They operate mainly in the Bay Area and provide full service accounting.
These accountants work in the Southeastern United States and provide specialized services for many industries. They work in six states and also around the world through partnership with Baker Tilly International.
Based in New York, Berdon LLP provides full service accounting to local business. They also work in international markets and have experience across a wide variety of economic sectors.
A Houston based accounting firm working both locally and internationally. They provide consulting, auditing, merger and tax services.
A Washington based accountant serving the greater Seattle area and more. This firm provides advice on personal taxes and training in accounting software.
This firm calls Pittsburgh home and provides service in Pennsylvania, Ohio and West Virginia. They provide advice specific to your industry to help you solve financial problems.
Colorado’s largest accounting firm provides full service accounting to a variety of business sectors. They operate in Colorado and along the Rocky Mountain range.
This firm stretches across nine states in the Midwest and Rocky Mountain areas. It provides full service accounting and is part of HLB International, a global leader in accounting.
Operating in both Massachusetts and New York, this firm provides full service accounting to New England. They have specialized experience for many industries and provide business consulting as well as accounting.
Working in Illinois, Michigan, Ohio and internationally this full service firm provides accounting expertise to the Rust Belt. They pride themselves on client relationships to ensure a productive business solutions.
Skoda Minotti works throughout the United States and with international clients. They are a full service accounting firm and consistently are ranked within the top 500 companies in the nation.
State Accounting Associations
Each state has one or more professional associations of accountants. These bodies help to ensure understanding of local laws and provide service to their communities. Since state tax and financial laws differ wildly knowledge of these is invaluable to providing accounting service. Different regions of the country also tend to promote certain types of business, such as the Silicon Valley of California. Knowledge of these industries helps accounting firms develop effective strategies. You can find a list of the institutions organized by state here.
Accounting Schools and Departments
To become an accountant, you need an education. Many schools, both traditional and online, offer programs in accounting at both the graduate and undergraduate levels. An education in accounting prepares you for work at one of the countries many financial auditing firms or in the public sector as a government account or industry regulator. Since there are so many accounting schools available qualifications vary greatly from school to school. It is important to make sure your school is accredited so that your hard work is recognized. This is a list of schools offering accounting programs. The main page describes the accounting professions and schools in specific states can be found in the top left corner.
Taxation
A large part of the accounting profession is figuring expenses and profits for tax purposes. All businesses, except non-profit entities, must pay taxes and to do so requires diligent record keeping. In the United States we pay both state and federal taxes in a complex system that varies widely by location. Depending on what state you live in you may pay more or less depending on local rules. While everyone pays taxes, few people really understand the details behind them. This is why a tax accountant is useful for businesses. They have specialized knowledge and will help you to find the best tax rate possible. Here is some information on tax accounting and taxation in general.
The American Institute of CPAs official resource on methods used to calculate taxes and the complications that commonly arise. The site has extensive articles though they are entrenched in the thick jargon of accounting.
Software tools to help you get an idea of your taxes and file them easily. This site allows you to download demos and provides tax table information.
Official tax information from the Internal Revenue Service describing the process of filing taxes for businesses. It provides articles on many different topics of taxation to provide you with a comprehensive view of the law.
An infographic depicting the different laws of twenty states with the best and worst climate for business. It is great to get at-a-glance information on taxes in the United States.
Audit and Regulation
No matter how good your bookkeepers are, audits provide assurance to your stakeholders that your company is sound. A financial audit will pick through your statements of assets and losses with maddening precision and tell you exactly where your profit margins lie. Some businesses must perform an audit every year to comply with federal regulations. Most however, simply perform them to build confidence among stock holders and company employees alike. Regulations demand audits be performed in a specific way so hiring the right firm or internal auditor makes a huge difference in your long term success. The links below provide more information on financial audits.
A basic description of the process and history of financial auditing. It explains standard auditing procedures and when companies most often employ auditing services.
The official guidebook for auditors of United States businesses. These are the legal instructions for auditing and do not necessarily describe the ways individual auditing companies function.
This site offers tons of information about financial audits and the rules and regulations that guide them. It also highlights important reasons companies should invest in audits and how these audits are typically conducted.
Government Institutions
No matter what business leaders would like to think, many government institutions are involved with regulating the economy and especially ensuring accounting standards. In addition to regulation, the government must employ its own accountants to ensure taxpayer dollars do not mysteriously vanish. Almost every agency that works within the economy has some impact on accounting practices and procedures, but some have more power than others. Regulatory bodies such as the SEC and FTC have a strong grip on equities and financial markets. Other bureaus affect the economy in more subtle ways like taxes, imposing tariffs and allocating federal resources. The following pages are official sites for government agencies with substantial influence over the economy.
A federal institution protecting consumer rights in trading and equities through regulations. It was created in 1934 as a safeguard against future economic catastrophe.
The federal body in charge of imposing and collecting taxes. It also conducts audits on businesses and individuals suspected of tax evasion.
A federal agency concerned with documenting and allocating government revenue from taxes and other sources. They carry out the strategies prescribed in federal budgets and print money for circulation.
This bureau focuses on protecting consumers in the economy and deterring destructive business practices. The routinely conduct investigations and recommend policy based on their findings.
This is basically the accounting department of the federal government. It exists to audit Congress’ budget proposals and ensure proper disbursement of funds to policy initiatives.
A member of the presidential cabinet in charge of strengthening the economy. It collects data to create policy in the aim of fostering employment and engendering business.
This organization monitors the influent and effluent trade in the United States to create legislation protecting U.S. business interests. It also carries out hearings on cases involving international patent law and intellectual property.
Securities and Exchange
Since the inception of stock exchanges and equity markets the financial world has never been the same. Many companies have extensive assets tied up in investment which still must be analyzed for accounting purposes. There are many different stock markets around the world providing service to different regions. Many specialize in certain types or sizes of companies while other provide general trading indices. Below are links to some of the largest and most influential stock exchanges in the world, and especially in the United States.
An United States stock exchange and the most active electronic trading floor in the world. It is notable as being the first fully electronic stock exchange, a huge advance from the over-the-counter trading done before.
The New York Stock Exchange is one of the oldest equity markets in the world. It recently merged with Euronext to connect the markets of Europe and the U.S.
A market exclusively for trading with the 500 most powerful companies in the United States. There are also S&P 1500 and S&P Global 1200 which include a more diverse range of businesses.
China’s most powerful stock exchange in terms of companies listed and total value. It is one of the most influential exchanges in Asia as well.
The largest equity market in Europe in terms of turnaround and total assets. It is owned by an umbrella company and linked to several other exchanges in Eastern Europe.
The Israeli stock exchange plays a huge role both locally and in the world economy. It is one of the largest exchanges in the Middle East.
